Stripe – the US-based payment facilitation services provider – has reportedly introduced its lending service Stripe Capital, specifically for online-based establishments in America. 

The announcement was published via the firm’s blog. It further stated that as soon as the new tool is rolled out, clients would be able to access to funds the following day. 

“Stripe Capital’s full integration with Stripe means there’s no lengthy application, eligibility is determined quickly, funds hit a user’s Stripe account the next business day, and businesses can repay as they earn. […] In addition to serving Stripe users directly, Stripe will also extend Stripe Capital to its platform partners (such as online store builders and B2B SaaS companies), enabling them to offer their own business users access to smart financing.”

The post also specified that the algorithm used by the app took into account “hundreds of relevant signals for each business, including payment volume, percentage of repeat customers, payment frequency, and changes in revenue growth.”

Per the announcements, repayments will be given via an automated process, which comes with a fixed percentage of daily sales that requires zero recurring interest charges or late fees. 

The firm further notified that Stripe is not exclusive to only the companies currently operating directly on it. Will Gaybrick – Stripes Capital CPO – has mentioned how important it is for small-scale firms to be able to have funds. 

“It’s important to think about financial inclusion not just in terms of consumers, but also in terms of businesses. Businesses, especially small businesses and startups, are the engines for job creation in our economy. It should be trivially simple and lightning fast for them to access the capital they need to smooth their cash flow and invest in their own growth.”

Stripe is also recognized as a partnering member of Facebook’s Libra project.